North America

The deal is the second that Glendower has backed in healthcare in recent months, following the €700m DomusVi process last month.

The investment firm is closing in on the $3bn target of its fifth flagship programme.

New 2ND was founded by a former AlpInvest managing director in 2016 and held a $572m final close on its second fund in June.

The pension giant joined lead buyers Ardian and HarbourVest Partners as well as Partners Group in an Evercore-advised process last month.

The funds will complement the GP stakes business, which co-president Michael Rees called ‘one of the most underpenetrated spaces in all of alternatives’.

Deal closed three months after Secondaries Investor reported the alternatives giant was set to back the transaction.

Igor Rozenblit, former co-head of the US Securities and Exchange Commission’s private funds unit, discusses the advent of continuation funds and the biggest regulatory risks facing the PE industry in this seven-minute podcast.

The buyout shop sold a minority stake in Belron in July, valuing the glass repair business at €21bn and setting the price for a single-asset process.

The business, backed by Silverpeak and Capstone Equities, will focus on real estate secondaries opportunities in direct assets and open-end funds.

The investment bank has added at least three managing directors with a secondaries focus after a period marked by departures to Jefferies and Portfolio Advisors.